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THE MEMEO BLOG

New survey: Employees value money over secure file sharing

Apr 14, 2016

Sometimes, for relatively little money, many people would sell enterprise password and login information, according to the results of a new survey. As the price of data breaches rises, companies need to ensure their enterprise file sharing tools do not put them in hot water from end-user negligence.

Approximately 20 percent of employees would be willing to sell their employers' passwords to the highest bidder, Fortune reported. Of that group, around 44 percent of them said they would sell a password for under a grand, with some even willing to fork over this mission-critical information for under $100. This is especially sobering news for American businesses, as employees in the U.S. are far more likely than their counterparts in the United Kingdom and the Netherlands to sell enterprise passwords.

Further complicating matters for security-minded businesses is the fact that many employees disobey other password best practices as well. The study found that around 33 percent of people share their password with their colleagues, while 65 percent said they use one set of login information for multiple accounts, according to Fortune.

Rising cost of poor password control

This news on passwords could not come at a worse time for enterprises, as the costs related to a data breach or leak have never been higher. Data breaches now cost businesses around $3.8 million, which is 23 percent higher than what it was in 2013, according to numbers from the Ponemon Institute. For every record that's lost, organizations should expect to incur costs ranging from $145 to $154.

There are many reasons why the costs related to data leaks have risen so dramatically of late, but lax action on the part of employees is certainly not helping matters. Close to 15 percent of all breaches are now due to an error or just negligence on the part of an employee, Fortune reported, making it one of the common causes of data leaks today.

How to address poor password management

When it comes to managing and sharing important files, businesses need to make sure their employees are not compromising critical data in any way. By adopting Memeo C1, companies can be sure their key documents are properly safeguarded.

The solution allows IT admins to remotely monitor all devices that are running C1 and remove access from select hardware if necessary. It also encrypts all files and creates backups, so that critical information is protected even in the event of a breach. With Memeo C1 in place, organizations can rest assured knowing that end-user negligence won't put their business in harm's way.